Long
YFII/BTC Fibonacci Trade
YFII/BTC appears to be presenting a very good entry opportunity.
In the shorter time frame, it is consolidating at the 0.236 on a leg up.
Given that this is the second leg up, above some previous resistance
levels. This is a continuation pattern and a bullish sign.
On the daily time frame, we can see that it has been making higher highs
and higher lows for over a month, with increasing volume. This is another
very bullish reversal signal. It has also successfully closed 2 candles above
the 0.236 of the downtrend it is recovering from. Its last resistance before
a reversal is fully confirmed appears to be around 0.07180 which is a
resistance from several months ago. However, it has wicked above this
level twice, suggesting that the resistance is weakening.
An ideal first entry on this strategy is around the 0.236 of the recent move up,
which is at 0.06667. Given that the last few candles don't look hyper bullish
at the moment, it is a reasonable entry to buy at and wait.
Some additional consolidation may occur in the next several days on the
shorter time frames, possibly reaching the 0.382 fib or 0.50. These would
be buy opportunities to DCA and/or sell on the bounces that are likely
to occur if these levels are reached. Howevever, given the current bullish
state of the market and that this is a DeFi coin that hasn't pumped yet,
I remain bullish on this chart.
In the shorter time frame, it is consolidating at the 0.236 on a leg up.
Given that this is the second leg up, above some previous resistance
levels. This is a continuation pattern and a bullish sign.
On the daily time frame, we can see that it has been making higher highs
and higher lows for over a month, with increasing volume. This is another
very bullish reversal signal. It has also successfully closed 2 candles above
the 0.236 of the downtrend it is recovering from. Its last resistance before
a reversal is fully confirmed appears to be around 0.07180 which is a
resistance from several months ago. However, it has wicked above this
level twice, suggesting that the resistance is weakening.
An ideal first entry on this strategy is around the 0.236 of the recent move up,
which is at 0.06667. Given that the last few candles don't look hyper bullish
at the moment, it is a reasonable entry to buy at and wait.
Some additional consolidation may occur in the next several days on the
shorter time frames, possibly reaching the 0.382 fib or 0.50. These would
be buy opportunities to DCA and/or sell on the bounces that are likely
to occur if these levels are reached. Howevever, given the current bullish
state of the market and that this is a DeFi coin that hasn't pumped yet,
I remain bullish on this chart.
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